Brazil’s Lula pledges new minimum wage, expanded tax exemption FMTNews FMTBusiness
Brazilian president Luis Inacio Lula da Silva said income tax exemption would increase gradually through the end of his term in 2026.
The remarks, made during a radio and TV broadcast for Labor Day, which is a national holiday on Monday, reinforce leftist Lula’s strategy of boosting workers’ disposable income to help spur economic growth. He also said that the income tax exemption would increase gradually through the end of his term in 2026 for workers earning up to 5,000 reais a month, fulfilling one of his campaign promises.
The considerable expansion of the exemption range is viewed as a substantial fiscal challenge since it would entail forfeiting tens of billions of reais.
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